Prudent capacity cuts benefit First Choice
In sharp contrast to its rival MyTravel, First Choice has said that bookings are “robust” despite reporting an increase in losses for the first half of the year.
Losses in the six months to April 30 increased to £59.8million, compared to £46.1million for the same period a year ago.
But while MyTravel said last month that it still had one million holidays left to sell, First Choice has revealed that it has less holidays left than at this time last year.
First Choice chairman Ian Clubb said: “We have consistently anticipated that the summer period overall would see reduced demand and a later booking profile and it is on this basis that we planned our capacity. Trading conditions throughout the period have been as we expected.”
The company revealed that in the UK summer bookings are down by 10% compared to last year, with winter bookings down by 9%.
First Choice said its strategy going forward would see it continuing to increase the proportion of sales coming from its specialist businesses – which include Sovereign, Hayes & Jarvis, Longshot Golf and Flexi Ski – because profit margins are higher and they are “less susceptible to adverse changes in market conditions.”
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